Wetsuit Market Snapshot
[300 Pages Report] Global Wetsuit Market will gain from the increasing participation in outdoor recreational activities, including watersports. Future Market Insights (FMI) has forecast sales of wetsuits to grow by 5.9% year-over-year in 2021..
To cater the surging demand, manufacturers are providing premium and comfortable wetsuits customized for various sports activities. As per the FMI analysis, the wetsuit market is expected to surpass a valuation of US$ 1.78 Bn in 2021. Between 2021 and 2031, demand for wetsuits is projected to soar at a 6.5% CAGR.
Base year (2020) Wetsuit Market Value
US$ 1.68 Bn
Projected year (2031) Wetsuit Market Value
US$ 3.35 Bn
2021-2031 Wetsuit Market Outlook in Comparison to Sales Registered in 2016-2020
Wetsuits are preferred more than dry suits because they provide better thermal protection while wet, and the fabric allows better insulation compared to dry suits. Moreover, wetsuits have more applications such as scuba diving, surfing, and sailing among others, however, dry suits are majorly used for deep-sea diving. FMI has forecast the wetsuit market to rise at a 6.5% CAGR between 2021 and 2031.
Growth in number of water sports and recreational activities like surfing, diving, and water skinning is expected to continue pushing sales of wetsuits. In addition to this, increasing number of women participation in water sports is compelling manufacturers to launch stylish yet comfortable wetsuits. For instance, in 2018, Sisstrevolution brand launched their product line of wetsuits only for women.
A large number of millennial consumers are actively spending on recreational activities during vacations. Besides this, the availability of rental water sporting accessories in coastal regions is spurring demand for quality wetsuits, which is compelling manufacturers offer premium products to improve sales.
The aforementioned factors are expected to continue pushing sales of wetsuits over the forecast period.
How is Increasing Preference for Green Material in Wetsuits Influencing Sales?
Sales of wetsuits are driven by shifting consumer preference in favor of novel design that provide them best experience at reasonable prices. Growing competition among brands is encouraging players to learn and emphasize upon customers’ needs and provide them with better water sports accessories.
With stringent norms implemented by regional governments to manufacture eco-friendly products, manufacturers are launching wetsuits made from green material such as natural rubber and water-based glue as a substitute to neoprene. Moreover, emergence of wetsuits made from materials such as recycled plastics and water bottles is also expected to gain traction over the forecast period.
Innovations in stitching technique such as blind stitching that allow neoprene and water to flush through stitching holes are expected to propel sales of wetsuits. In addition to this, inclusion of materials such as spandex, lycra, and wool is also helping manufacturers to improve warmth and flexibility of wetsuits, which in turn is augmenting growth of the wetsuit market.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
What is the Impact of the COVID-19 Crisis on the Wetsuit Market?
The unprecedented COVID-19 pandemic resulted in shutting down of manufacturing plants, restriction on public gathering, employee layoffs, and supply chain disruptions. These factors have had a negative impact on the global wetsuit market.
Besides this, temporary decline in recreational sports has further dampened sales prospects of wetsuits. However, vacation spots, recreational activities and other commercial sectors are opening again with limited capacity. This is expected to augment recovery of the global wetsuit market over the forthcoming years.
How are Sales of Wetsuits Faring across China?
East Asia is predicted to be one of the most attractive markets during the forecast period, according to FMI. China is expected to account for over 43.9% of the East Asia wetsuit market share in 2021.
Growing popularity of recreational activities in China, along with the presence of high-quality water sports accessories brands in China are expected to continue bolstering sales of wetsuits. Moreover, introduction of new water sports activities and events will provide impetus to growth of the wetsuit market in China.
For instance, in 2020, Asia Water Recreational Sport Expo took place in China, which created numerous growth opportunities for the wetsuit market players. This expo created an international exchange and trading platform for water sports products enterprises to capitalize on trends and improve sales.
How are Millennials Driving Sales of Wetsuits in the U.S.?
The U.S. is expected to account for over 83.9% of the North America wetsuit market share in 2021. Increasing demand for water activities and growing initiative from various organizations to support diving and surfing activities is likely to boost growth of the market.
Rising popularity of indoor platforms with artificial water waves parks and inland surfing grounds are influencing individuals, especially millennials to participate in water-based activities, which in turn is spurring demand for wetsuits.
In addition to this, the surging water sporting events and contests remain a key factor creating lucrative opportunities for wetsuit market players. For instance, in 2021, PADI (Professional Association of Diving Instructors) the world’s largest divers exploring organization, announced an open event for PADI dive centers, resorts and professionals to join and celebrate adventure, passion and ocean advocacy.
Why is Demand for Wetsuit Increasing in India?
In 2021, India is anticipated to account for over 27.2% of the South Asia wetsuit market share. The presence of various water parks in India is likely to create new opportunities for the wetsuit market players. For instance, the Water Kingdom (Esselworld) located in Mumbai, Maharashtra, is Asia’s largest water theme park with various water rides and thrills. Moreover, the opening of India’s first surfing ridge, Leo Splash Water Park in Hyderabad in 2020, is likely to gain attention of customer towards water sports, resulting in high demand for wetsuit over the forecast period.
Moreover, growing trend of digitalization and introduction of various social media platforms is helping manufacturers to extend their offerings through online retail channels. This is anticipated to continue pushing sales of wetsuits in India.
Which Product Type is more Feasible for Consumers?
In terms of product type, the full sleeves segment is projected to account for a dominant share of 70.4% in 2021. Full sleeves wetsuits are not only more comfortable but also protect users from minor physical danger.
Sales of full sleeves wetsuits are expected to grow at a 5.9% through 2031. Growth of recreational and water sports activities is likely to promote the adoption of safe, comfortable, and flexible wetsuits. Moreover, the introduction of Shark Attack Mitigation System (SAMS) in wetsuits will continue bolstering sales of wetsuits over the forecast period.
Demand for Wetsuits Among Surfing Enthusiasts to Continue Rising
Based on application, the surfing segment is projected to account for 37.3% of the total market share in 2021. Surfing is one of the most popular water sport activities which can be enjoyed by all individuals regardless of age. Moreover, surfing is a relaxing activity and an adventure sport as well. The aforementioned factors are expected to propel sales of wetsuits for surfing over the forecast period.
Which Consumer Orientation is Expected to Dominate the Wetsuit Market?
Sales of wetsuits for men are projected to account for a dominant share of 50.1% in the global wetsuits market in 2021. In general, majority of consumers prefer to participate in recreational activities during vacations. Instead of purchasing a wetsuit for few days, customers like to rent out a wetsuit that is available for both men and women.
Moreover, men wetsuits have a vast product portfolio and are thus, are easily available in various sizes, colors, and types. This is expected to continue spurring demand for wetsuits for men over the assessment period.
Which Price Range of Wetsuits Holds Major Revenue Share?
Wetsuits are still at a growing stage in the water sports industry. Moreover, very few brands exist in the market that provide diversified product offerings for wetsuits. Further, brands are aiming to invest in product innovations to provide customers with eco-friendly wetsuits at reasonable rates. Considering this, FMI has forecast sales of under US$100 ranged wetsuits to account for nearly 51% of the total market share in 2021.
Sales of Wetsuits Through Water Sports Accessories Stores to Continue Gaining Momentum
In terms of distribution channel, sales of wetsuits through water sporting accessories stores are expected to rise at a 5.4% CAGR over the forecast period. In order to achieve the best performance, it is necessary for the outfit to be comfortable. Customers prefer purchasing water sports accessories in stores as they like to try it before purchasing.
Companies operating in the global wetsuit market are aiming to expand their product portfolio by providing customer with new designs of wetsuits without compromising the quality and comfort level. For instance:
- In 2021, Aqualung launched all new XSCAPE collection featuring eco-responsible wetsuits that are a 100% neoprene-free and a rash guard made from sustainable materials.
Scope of Report
Historical Data Available for
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa
Key Segments Covered
Product Type, Application, Consumer Orientation, Price Range, Sales Channel, and Region
Key Companies Profiled
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Key Questions Answered in the Report
How much is the Wetsuit market worth?
The wetsuit market is expected to reach a valuation of over US$ 1,781.0 Mn in 2021.
What was the rate of growth for Wetsuit sales in the last 5 years?
The global wetsuit market grew at a CAGR of 6.5% between 2016 to 2020.
What is the share of the top players in the wetsuit market?
O’Neil Inc., Quicksilver Inc., Billabong International Limited, Aqua lung, Gullewa Limited, Shieco Group Co. Ltd., Xcel, Patagonia Capital Ltd., Vissla, Rip Curl, Sisstrevolution, Speedo, BARE Sports are leading market players, cumulatively accounting for a 15-25% value share.
Which are the top countries driving demand for wetsuits?
The U.S., Argentina, India, Malaysia, and New Zealand are major countries reflecting consistently high demand for Wetsuit.
Which countries are key producers of wetsuit?
China, the U.S, Germany, and South Korea are the leading manufacturers of wetsuit.
What is the North America wetsuit market outlook?
The North America wetsuit market is poised to expand at a 4.0% CAGR through 2031.
What will the demand outlook for wetsuits in Europe?
The Europe wetsuit market is set to rise at a 5.4% CAGR over the assessment period.
What are the key statistics of the South Korea and Japan wetsuit market?
Japan and South Korea account for 32.6% and 23.5% of the East Asia wetsuit market in 2021.
Wetsuit Market by Category
By Product Type:
- Full Sleeves
- Short Sleeves
- Underwater Diving
- River Rafting
By Consumer Orientation:
By Price Range:
- Under US$ 100
- US$ 100- US$ 200
- US$ 200 & Above
By Sales Channel:
- Wholesalers/ Distributors
- Supermarkets/ Hypermarkets
- Specialty Stores
- Water Sporting Accessories Stores
- Online Retailers
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)